After seeing the Bitcoin price spike to $300 earlier this week, the market has been on a steady decline. In total, Bitcoin has dropped 38% this week, from a peak of $307 to approximately $223.
Bitcoin’s price increased exponentially due to announcements from the Winklevoss Twins about Gemini and Coinbase’s new exchange.
For the cherry on top, Google has integrated Coinbase into its Google Now application for Android. This app shows notifications in the format of cards; the Coinbase card allows you to view the price of Bitcoin based on the Coinbase Exchange, as well as viewing any transactions sent to your Coinbase wallet.
Also Read: Coinbase Introduces New Community Forum – Coinbase Community
Bitcoin has experienced a price climb back up, with what looks like an uphill battle upwards between the upper $220s and lower $230s. Volume is increasing, and we may see a temporary price increase, possibly to around the $250 range.
The long term trend is bearish which is backed by charts and statistics, but is short term bullish for right now, most likely due to speculation. Mining and continuous dumping will make Bitcoin slide price wise which will allow good entry and exit points for people on the lookout.
Litecoin has taken a similar downturn as well, briefly experiencing $2 but is now down 15% to around $1.75. Darkcoin on the other hand is up 14% today, showing that the market is conflicted. Some coins are doing just fine, even appreciating in value in the last seven days. Some actually increased more than others, take Unbreakablecoin for instance.
When the week started, UNB was at a price of .000045 BTC, and grew in value approximately 20 times over, to a peak value of 0.00086 BTC. UNB is on its way down, but will still offer a huge profit for anyone that got into UNB, especially at the beginning of this week.
Sadly, McDonalds won’t be accepting Bitcoin, at least not any time in near future. The payment method which they have announced that they are accepting will be “loving,” which will be described in more detail when their ad runs during the Super Bowl.
If you’re watching the markets right now, Bitcoin is especially volatile in the moment. The general trend is up, so now is a good time to hold or ride the waves.
Photo Sources: BitcoinChart
Read previous weeks Market Summary: 1-18/1-25
What are your predictions for Bitcoin for next week? Sound off in the comments below!